It’s time for your weekly look at what’s happening with rate movement, the economy, and the housing market. Watch to the end for a quick smile.
Last month’s Fed meeting minutes show officials are in no hurry to move interest rates up or down, though investors are looking for a rate cut by year’s end.
Recent escalation in the trade war with China has helped keep rates low and could cause more slowdown in the global economy, also helpful for low rates.
Consumers seem bullish on the economy, as sentiment reached a 15-year high. However, the reading was taken before recent trade tensions with China.
Existing home sales fell in April, likely due to high prices and tight supply at the low end of the market. Recent rate drops should counter high prices moving forward.
New single-family home size increased roughly 8% at the start of 2019, now an average of 2,551 square feet. Median home size also increased 11% to 2,335.
More baby boomers are choosing to age in place, contributing to low inventory across the country. Almost 52% of boomers say they’ll never move.
See you again next week with more news from your local Bellevue Mortgage Lender!
**Rate movements and volatility are based on published, aggregated national averages and measured from the previous to the most recent mid-week daily reporting period. These rate trends can differ from our own and are subject to change at any time.